Allegro MicroSystems, Inc.

Good morning and welcome to Allegro Microsystems' first quarter fiscal 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw the question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jalene Hulver, Vice President of Investor Relations and Corporate Communications.

Thank you, Carmen. Good morning, and thank you for joining us today to discuss Allegro's first fiscal quarter 2024 results. I'm joined today by Allegro's President and Chief Executive Officer, Vineet Nagarwala. and Allegro's Chief Financial Officer, Derek D'Antilio. They will provide highlights of our business, review our quarterly financial performance, and share our second quarter outlook. We will follow our prepared remarks with the Q&A session. Our earnings release and prepared remarks include certain non-GAAP financial measures. The non-GAAP financial measures that are discussed today are not intended to replace or be a substitute for our GAAP financial results. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release, which is available in the investor relations page of our website at www.alegro-micro.com. This call is also being webcast and a replay will be available in the events and presentations section of our IR page shortly. During the course of this conference call, we will make projections or other forward-looking statements regarding future events, or the future financial performance of the company. We wish to caution that such statements are based on current expectations and assumptions as of today's date, and as a result are subject to risks and uncertainties that could cause actual results or events to differ materially from projections. Important factors that can cause our business, including factors that could cause actual results to differ from our forward-looking statements, are described in detail in our earnings release for the first quarter of fiscal 2024 and in our most recent periodic filings with Securities and Exchange Commission. Our estimates or other forward-looking statements may change, and the company assumes no obligation to update forward-looking statements to reflect actual results, change in assumptions, or other events that may occur except as required by law. It is now my pleasure to turn the call over to Allegra's President and CEO, Vineet Nagarwala. Vineet?

Thank you, Jolene, and good morning, and thank you all for joining us for our first quarter 2024 conference call. I'm pleased to report that we had a strong start to fiscal year 2024, including record sales of $278 million, up 28% year-over-year. On a trailing 12-month basis, we've achieved a billion dollars in sales, marking a new milestone. We've also achieved record non-GAAP earnings per share of 39 cents. an increase of 63% year-over-year. Our financial performance demonstrates the progress we are making towards executing the strategy that we laid out at our recent Analyst Day event. We continue to sharpen our market focus on e-mobility and select industrial markets, including clean energy and automation, with sales in these strategic growth areas increasing 63% year-over-year to $159 million, or 57%, of total sales up from 45% in Q1 of 2023. E-mobility, which includes the increasing electrification of vehicles and higher adoption of ADAS feature sets, continues to drive Allegro's above-market growth. Total Q1 automotive revenue grew 27% year-over-year, outpacing auto production growth of approximately 6% over the same period. Sales into e-mobility applications increased by 58% year-over-year and represented 48% of our Q1 automotive sales, up from 39% in Q1 of 2023. Our solutions-based design approach continues to be well received by our customers. Nearly 60% of first quarter automotive design wins were in e-mobility. A recent example during the quarter was a multi-portfolio chipset ADAS design win with a leading North American OEM, further validating a strong value proposition. Our design win momentum and the significant content opportunity associated with those design wins continues to drive our above-market performance in automotive. Moving on to the industrial market, growth in clean energy and automation drove 70% year-over-year sales increase in Q1, resulting in record industrial sales. First quarter industrial design wins leverage our sensor technology for DC charging, residential solar inverter, and energy storage applications, where we see expanding opportunities for our solutions. We continue to align our investments in R&D and customer support capabilities to focus on high-growth secular megatrends in automotive and industrial markets that intersect with our technical expertise and market-leading sensor and power product portfolios. I'm excited about the launch this quarter of the first device in our new power through portfolio that leverages technology from our acquisition of heyday integrated circuits last October. In addition to validating our ongoing commitment to innovation and execution. This launch serves as a proof point for the rapid pace at which our team can integrate new technologies into commercially viable and market ready products. Our new power-through isolated gate driver offers a single-packet solution with an up to 50% smaller footprint and a 40% efficiency improvement compared to competitor offerings. This helps designers achieve their efficiency and power density goals in clean energy and e-mobility applications. This is especially important for higher switching speeds inherent in GAN and SICK where PowerThrough helps unlock the full potential of these wide bandgap technologies. This is the first of many new products to come in our new PowerThrough portfolio, and I want to congratulate the team on this first and very important milestone. Next, I want to talk about another important milestone, a first in our ESG journey. I'm pleased to have released our inaugural ESG report just last week. which highlights the significant steps we have taken thus far towards building a more sustainable future. Our commitment to ESG is directly aligned to our corporate strategy and growth plans through the products we innovate and the applications they enable, which in turn support a greener and more sustainable world. In addition to solving customer challenges like reducing emissions, making applications more energy efficient, and harnessing renewable energy, Our innovative teams are also imagining ways to enhance our impact on the communities where we live and work. As we answer the need for more clean energy with innovative, efficient, socially responsible, and environmentally conscious solutions, we're building long-term value for all our stakeholders. I want to thank our teams who delivered another outstanding quarter while further accelerating our strategy with the launch of innovative new products and moving our ESG initiative forward. I could not be prouder of our team and what we continue to build every day while executing our strategy and serving our customers. I'll now turn the call over to Derek to review the Q1 financial results and provide guidance for our second quarter. Derek.